7 ms·

Sounds like SpaceX just killed multiple deals for this company. Could someone who knows about this kind of stuff (I assume this subset of the population is sma

by abduhl 10y ago

Sounds like SpaceX just killed multiple deals for this company. Could someone who knows about this kind of stuff (I assume this subset of the population is small) comment on whether there is recourse against SpaceX for losing the payload?

X-Istence 10y ago
Unfortunately accidents happen, I have a feeling that some insurance company somewhere is going to end up paying for the damages...
- gumby 10y ago
  It's possible to insure against business risk as well as asset risk, though it's usually not worth the premium. Though I've never been in the space business I would be surprised if it were not common for launches.
- jsmthrowaway 10y ago
  Private launches are required to carry insurance in order to receive a license; I looked it up when the Orbital rocket had a similar RUD, and the government had mandated something like $140 million or so between government property contingency and general liability, if I recall. Edit: Yeah, here's Orbital's (I can't find SpaceX's): https://www.faa.gov/about/office_org/headquarters_offices/ast/licenses_permits/media/LLO%2014-091%20Rev%201%20-%20Antares%20config%20230_WFF.pdf https://www.faa.gov/about/office_org/headquarters_offices/as... -- last two pages. It looks like they revised this license recently for their return to flight, too?
- thesimon 10y ago
  Not covered by launch insurance (https://twitter.com/pbdes/status/771409425475174400 https://twitter.com/pbdes/status/771409425475174400), will be interesting to see if there is an insurance to cover that.
  - pavelrub 10y ago
    Of course it's not covered by launch insurance - it happened during the pre-launch stage. It was covered by marine cargo insurance.
rayiner 10y ago
The risk of this happening was almost certainly accounted for in the contractual relationship.
- JumpCrisscross 10y ago
  Quite possibly with a termination clause. Insurance typically covers the cost of the satellite, not the cost of delaying time to revenue by what could end up being several months or years.
anigbrowl 10y ago
For crying out loud, have you never heard of insurance? All satellite launches are insured and contingencies like this are allowed for in contracts because rocketry is an inherently risky endeavor. I know HN is a tech rather than a business community but the concept of insurance is an elementary one and something every literate adult should be aware of.
- brogrammernot 10y ago
  There is zero need for your tone towards a user asking a simple question. He didn't know, he asked in a nice manner and it was an innocent question. How do you expect someone to learn or be comfortably asking questions on HN if they're told they aren't a "literate adult" for not knowing the specifics of insurance coverage within a high risk business sector.
- johnnycarcin 10y ago
  Not all launches are insured. One of the largest satellite TV companies in America claims to have launched their first satellite without insurance because they were so strapped for cash.
- cm2012 10y ago
  Insurance was only for post ignition, there will be no insurance payout for this accident.
  - Animats 10y ago
    Anyone know if the satellite owner took out pre-launch and transit insurance? That's a separate insurance cover from launch insurance. Satellite launch insurance starts at normal ignition and usually ends with the satellite in the desired orbit.[1] [1] https://www.marsh.com/uk/industries/aviation-aerospace/space-and-satellite-insurance.html https://www.marsh.com/uk/industries/aviation-aerospace/space...
  - sigmar 10y ago
    source?
  - 10y ago

by abduhl 10y ago

X-Istence 10y ago

Unfortunately accidents happen, I have a feeling that some insurance company somewhere is going to end up paying for the damages...

gumby 10y ago
It's possible to insure against business risk as well as asset risk, though it's usually not worth the premium. Though I've never been in the space business I would be surprised if it were not common for launches.
jsmthrowaway 10y ago
Private launches are required to carry insurance in order to receive a license; I looked it up when the Orbital rocket had a similar RUD, and the government had mandated something like $140 million or so between government property contingency and general liability, if I recall. Edit: Yeah, here's Orbital's (I can't find SpaceX's): https://www.faa.gov/about/office_org/headquarters_offices/ast/licenses_permits/media/LLO%2014-091%20Rev%201%20-%20Antares%20config%20230_WFF.pdf https://www.faa.gov/about/office_org/headquarters_offices/as... -- last two pages. It looks like they revised this license recently for their return to flight, too?
thesimon 10y ago
Not covered by launch insurance (https://twitter.com/pbdes/status/771409425475174400 https://twitter.com/pbdes/status/771409425475174400), will be interesting to see if there is an insurance to cover that.
- pavelrub 10y ago
  Of course it's not covered by launch insurance - it happened during the pre-launch stage. It was covered by marine cargo insurance.

rayiner 10y ago

The risk of this happening was almost certainly accounted for in the contractual relationship.

JumpCrisscross 10y ago
Quite possibly with a termination clause. Insurance typically covers the cost of the satellite, not the cost of delaying time to revenue by what could end up being several months or years.

anigbrowl 10y ago

For crying out loud, have you never heard of insurance? All satellite launches are insured and contingencies like this are allowed for in contracts because rocketry is an inherently risky endeavor. I know HN is a tech rather than a business community but the concept of insurance is an elementary one and something every literate adult should be aware of.

brogrammernot 10y ago
There is zero need for your tone towards a user asking a simple question. He didn't know, he asked in a nice manner and it was an innocent question. How do you expect someone to learn or be comfortably asking questions on HN if they're told they aren't a "literate adult" for not knowing the specifics of insurance coverage within a high risk business sector.
johnnycarcin 10y ago
Not all launches are insured. One of the largest satellite TV companies in America claims to have launched their first satellite without insurance because they were so strapped for cash.
cm2012 10y ago
Insurance was only for post ignition, there will be no insurance payout for this accident.
- Animats 10y ago
  Anyone know if the satellite owner took out pre-launch and transit insurance? That's a separate insurance cover from launch insurance. Satellite launch insurance starts at normal ignition and usually ends with the satellite in the desired orbit.[1] [1] https://www.marsh.com/uk/industries/aviation-aerospace/space-and-satellite-insurance.html https://www.marsh.com/uk/industries/aviation-aerospace/space...
- sigmar 10y ago
  source?
- 10y ago